By Calvin Stovall
The deal will pass Cresco Labs and Columbia Care assets in New York and Illinois to the mogul formerly known as Puffy. The new, unnamed company will be America’s largest Black-owned and operated multi-state cannabis pipeline.
Hip-Hop and business mogul Sean “Diddy” Combs, is taking over wholesale and retail cannabis operations in three major state markets.
According to a news release sent out Friday (November 4), Combs has made a deal with Cresco Labs and Columbia Care to take over operations in Illinois, Massachusetts, and New York. The states are home to major markets like Chicago and Boston, and New York City, which is scheduled to launch adult-use cannabis sales at the end of 2022.
The acquisition will make Combs’ new company the world’s largest Black cannabis operator, according to the release. The release also claims that the assets he is acquiring will make his new company America’s first minority-owned, vertically-integrated cannabis operation, commonly referred to as an MSO, or multi-state operation.
“Owning the entire process — from growing and manufacturing to marketing, retail, and wholesale distribution — is a historic win for the culture that will allow us to empower diverse leaders throughout the ecosystem and be bold advocates for inclusion.” Sean “Diddy” Combs
What are the terms of Combs’ new weed deal?
Combs, Cresco, and Columbia Care have reportedly signed definitive agreements to divest some New York, Illinois, and Massachusetts assets to an undisclosed entity that is owned and controlled by Sean “Diddy” Combs.
Once the deal closes, Combs will be poised to operate wholesale and retail operations in New York City, Boston, and Chicago, some of the cannabis industry’s most valuable legal markets.
NYC is projected to make $1.3 billion in sales by 2023, and in Massachusetts, the plant just surpassed cranberries as the state’s most valuable cash crop.
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